What was the total liabilities for All Team as of December 31, 2023?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
he audit.
Tampa, Florida March 24, 2025
ALL TEAM FRANCHISE CORPORATION BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |
|---|---|---|
| CURRENT ASSETS | ||
| Cash | $ 629,272 | $ 1,015,879 |
| Accounts receivable-trade, pledged, | 589,672 | 1,075,420 |
| less credit losses of $63,416 and $57,416, respectively | ||
| Advances to related parties | 1,526,254 | 1,091,453 |
| Prepaid expenses | 81,663 | 20,368 |
| Due from IRS | - | 49,780 |
| Total Current Assets | 2,826,861 | 3,252,900 |
| PROPERTY AND EQUIPMENT, net | - | - |
| OTHER ASSETS | ||
| Operating lease right-of-use assets | 90,309 | 143,935 |
| Deposits | 34,537 | 34,537 |
| Intangible assets | 61,329 | 61,329 |
| Total Other Assets | 186,175 | 239,801 |
| TOTAL ASSETS | $ 3,013,036 | $ 3,492,701 |
| CURRENT LIABILITIES | ||
| Accounts payable - trade | $ 2,646 | $ 3,528 |
| Due to stockholder | 14,772 | 39,378 |
| Current maturity of operating lease liability | 58,709 | 53,626 |
| Credit line payable | 859,983 | 1,321,084 |
| Accrued expenses | 124,879 | 231,956 |
| Other funding liabilities | 1,133,303 | 919,887 |
| Total Current Liabilities | 2,194,292 | 2,569,459 |
| LONG TERM LIABILITY | ||
| Operating lease liability, net of current maturity | 31,600 | 90,309 |
| Total Long-Term Liability | 31,600 | 90,309 |
| Total Liabilities | 2,225,892 | 2,659,768 |
| STOCKHOLDER'S EQUITY | ||
| Common stock - $1 par value; |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 33)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, the company's total liabilities as of December 31, 2023, were $2,659,768. This figure represents the sum of all current liabilities and long-term liabilities that All Team owed to various creditors and other parties at that specific point in time. Current liabilities, which are obligations due within one year, totaled $2,569,459, while long-term liabilities amounted to $90,309.
Breaking down the current liabilities, the most significant components included a credit line payable of $1,321,084 and other funding liabilities of $919,887. Other notable current liabilities were accrued expenses of $231,956, due to stockholder of $39,378, current maturity of operating lease liability of $53,626 and accounts payable of $3,528. The long-term liability consisted of the operating lease liability, net of current maturity, which was $90,309.
For a prospective franchisee, understanding All Team's liabilities is crucial as it provides insight into the company's financial health and stability. A high level of liabilities compared to assets could indicate potential financial strain, which might affect the franchisor's ability to support its franchisees. Conversely, manageable liabilities suggest a stable financial foundation, increasing the likelihood of continued support and growth. Therefore, a potential franchisee should analyze these figures in conjunction with All Team's assets, equity, and overall financial performance to assess the risk and opportunity associated with investing in the franchise.